posted on April 21, 2001 04:28:31 PM new
You go to a flea market...you find an item of some value and the person selling says he'll let you have it for $5. You've never handled this item before but somewhere in the back of your mind you think it may be worth $100...who knows what the market will bring. It actually books for $250 WOW ought to bring at least $150 on Ebay....final bid
$650. You know the person on a business level, who sold it to you for $5.00 what would you do????
[ edited by zilvy on Apr 21, 2001 04:29 PM ]
posted on April 21, 2001 04:46:24 PM new
"Business level" is somewhat vague. But here's something that happened to me once:
A guy in town who knew me through another business transaction some years earlier heard that I "buy and sell on the computer." He came to me with some items, said he was moving, and wanted to make an arrangement with me. I told him flat out, I don't do commission-type work. The best I could offer him was to buy his stuff outright. Also told him how much I could afford to pay him (it was about one fourth of what I actually made reselling the items) and frankly advised him to sell the stuff himself on eBay, that it wasn't very difficult. Only then could he be sure of getting his full value. He said something about how his son could probably help him do it, we shook hands and went our separate ways.
He called me a week later and said he decided to take the price I offered. Done deal. I made $400-$500 on something I paid him $100 for.
I felt no guilt about the transaction, nor did I feel an obligation to give him any additional money.
But I wouldn't have felt okay if I hadn't been straightforward with him from the very start.
posted on April 21, 2001 04:49:17 PM new
Just wanted to add that he probably couldn't have gotten the same sale price if he sold it himself. My knowledge of which niche markets to appeal to, how to word the title and the item description, what pictures to use, etc., were all important determining factors in the final sale price.
posted on April 21, 2001 04:50:10 PM new
That is how I have handled that type of situation too, Spaz. This was a situation where the seller set the price. I have bought from him in the past, some have been good buys other stuff I still have (no burden on him, it was my decision to buy).
posted on April 21, 2001 04:56:38 PM new
Feel guilty?
Nope. I don't consider it any different than having gone through college & earned a degree in a field that pays well.
It took time to gain that expertise & that time invested is worth something.
After all, what about all the times I've been mistaken on an item? I don't go back to the place I bought it & ask them to refund my money because I didn't make money on it.
Big corporations & individuals buy companies, stocks, even ideas all the time they think are undervalued...don't see them running to the owners & telling them.
If a friend comes to me w/something, I'll gladly help. If a business person comes to me, I'll also help. But if I'm offered the opportunity to purchase something & they set the price, then I don't feel any obligation to "share" my expertise about what it may be potentially worth. After all, if I'm wrong, I'm the one eating it for dinner.
posted on April 21, 2001 05:01:24 PM new
Yes, I sure agree with your statement spaz, that once the deal is made, what you end up selling the item for has alot to do with your knowledge & that's your part, once the deal is made.....whether you make on dollar or a million dollars profit.
But, like if a friend (even a neighbour or someone I worked with) needed $20.00, and sold me something I made $500.00 on, I would feel guilty forever if I didn't share the profit with them. JMHO
posted on April 21, 2001 08:17:10 PM new
Would I feel guilty for making a huge profit, I tend to think not. We all have a side to us that makes us go and look for a bargain, we are already thinking how much we can make on the item at a resale level.
When we find an item, be it a book or an exceptional piece of china at a bargain price knowing we can resell it for a lot more than we paid, are we meant to feel guilty. Well I say if you do not know the person and they are happy to sell it for whatever price than that is that. You got yourself a prize.
Just this morning I went to our Sunday Markets and found an item that I paid $8 for knowing I can resell it for up to $100. As it turns out I got it for my own collection, but I still do not feel guilty, these people had there price on it and they were happy with the sale, and I am happy with my purchase.
If I was buying off family or close friend, then I would probably tell them what I thought it was worth, and would split the difference with them after all my costs came out.
posted on April 21, 2001 08:23:29 PM new
"The price they ask is the price I pay. They made thier profit off of me, and now it's my turn." I used to feel guilty about this, until I spoke with a highly regarded auctioneer/antique dealer in my area. He told me exactly what my first two lines are (sorry to steal your thunder, Dan). We do this on line (eBay buying and selling), we do this in shops, and do this at yard sales. We all have bills to pay. I may be my brothers keeper, but I am not his personal financial advisor!
Rick
In the begining, God created the heavens and the earth.
edited to add in the quotes so no "copywrite" is infringed!!
[ edited by ddicffe on Apr 21, 2001 08:41 PM ]
posted on April 24, 2001 12:18:17 PM new
hey zilvy! Good score !!
I'm very good at doing guilt, however, I also take pride in my knowledge of "stuff". Don't you just love it when your buying eye goes on auto-drive?
For me, I would probably tell the seller I made some money on it and share a piece of the pie. not half. Your "education" has a price, too!
BTW, that's not all guilt talking. I would also discuss with this "business associate" getting a heads up on similar items in the future ~ for which you would be willing to make "an arrangement" (75/25 split?)
**JMHO**
only ZOOMIN here
